Sears

One week after announcing Sears Holdings Corporation announced it was considering selling off its stake in Sears Canada, the Canadian segment announced that its first-quarter loss was $75.2 million, up from $31.2 million in 2013’s first quarter.

Sears Canada chief executive officer Doug Campbell has some unhappy numbers to discuss at the annual general meeting scheduled for Thursday morning.

Total revenue at the department store chain dropped to less than $4-billion in 2013, down from $4.3-billion the year before. Same-store-sales were down 2.7 per cent, according to the company’s 2013 annual report.

Sears Canada is reportedly interested in selling its 27 store leases in the province of Quebec. Sources say that these stores could be sold if Sears receives advantageous offers from landlords, similar to deals made in English Canada. Although Nordstrom entered the Canadian market through Sears lease purchases, we don't believe Nordstrom will take any of the Quebec leases.